Pi Network dips 15% as charts signal further downside

PI Network is negotiated at $ 0.6894 at the time of writing this document, marking a daily loss of 6% and a slide of 15% in the last 7 days.

After reaching a summit of almost $ 3 in February, Pi Coin (Pi) has now dropped by more than 75% and has trouble maintaining sustainable dynamics. May started on a promising note for PI holders. The price crowded Almost 200% in a few days, reaching a local summit of $ 1.67.

But what followed was a steep and regular decline that erased most of these earnings. While the traders weigh on their next move, Pi oscillates just above a crucial level of support and is trapped in a narrow weekly range between $ 0.688 and $ 0.816.

The volume of exchanges increased despite the decline, increasing more than 42% in the last day to more than $ 158 million, which suggests increased market activity.

The data on the chain, however, show a increase In exchange for entries, indicating that more tokens are positioned on sale. Sales pressure is expected to continue at 263 million people planned open In June, followed by 233 million in July and 132 million in August.

From a technical point of view, the trend is decisive down. All the major medium -sized medium -sized, such as EMA and SMAS at 100 days at 10, 20, 50 and 100 days, are higher than the price. After a peak of volatility at the beginning of May, Bollinger’s bands are tightening. Pi is now negotiated near the lower strip, indicating that the sales pressure is still present.

Enimony indicators support the lower view. The difference in mobile average convergence is always negative and below the signal line, suggesting that the downward trend could continue. In addition, the impressive oscillator, who acquires the market dynamics by examining recent price movements, is in red, indicating that downward pressure is still present.

At 43.6, just below neutral territory, the relative force index shows a low level of upward conviction. Meanwhile, the Stochastic RSI is nearly 2.77, deeply occurring, but without any inversion signal, this alone justifies a long position.

The average directional index is currently at 29.9, just below the crucial level 30. ADX shows the strength of the trend but not its direction. In this case, this suggests that although the downward trend is still quite strong, it could approach its end.

A persistent violation greater than the range from $ 0.75 to $ 0.78 can cause a change of feeling. Otherwise, $ 0.60 and $ 0.50 are the next significant support areas. The path of the slightest resistance is still downward because more and more tokens are in circulation and demand fail to maintain the supply.

Pi Network is trying to create long -term value despite these short -term risks. Recently spear Fund of $ 100 million Pi Network Ventures focuses on projects with real applications in electronic commerce, Fintech, Games and Artificial Intelligence. However, until the fundamentals translate into increased demand, the techniques remain weak.